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, hi, there, thomas. it seemed like forget hope for getting a big deal done in the arena of $4 tril john lion in tt decade was dwindling, but republicans would not accept a deal that big and they wanted $2 trillion over the next decade, but as you mentioned president obama came out today swinging, upping the ante saying he does indeed want a big deal done and if not now, when? and he essentially tried to assume the position of the adult in the room calling on the lawmakers to rip off the band-aids and eat the peas and call to action for democrats and republicans and calling the democrats to come to the table for entitlement reforms, and the republicans for rolling back the tax breaks for wealthy americans and big corporations, and it seemed like at the last of last week, the president and the speaker boehner may have been moving in the same direction, but then speaker boehner said we cannot support anything that looks like a tax increase. and so the president addressed that in his conversation today, and he said that any tax brea increases would not take effect immediately. >> when
now, august 2nd is the big date, and the hard deadline or the u.s. default defaults on the $14.3 trillion debt. the white house says that lawmakers need a basic plan in place by today if they are going to be able to craft a bill in time to avert a default. nbc's kristen welker is following all of this for us live at the white house. kristen, good afternoon. where do we go from here? what is the bottom line? a lot of talking from the white house and the republicans and where does it all stand and what is next? >> hi, there, jeff. house speaker john boehner and president obama are saying that they are not close to a deal, but there has certainly been a lot of chatter about a potential deal. here is what it would look like. it would involve $3 trillion in deficit reductions over the next decade. it would include immediate cus s to discretionary spending right off of the top, and then over time, you'd see some changes in entitlements things like social security and medicare and also some changes to the tax code including a roll back for tax breaks for the wealthy americans and the
a big deal. so what is a big deal? white house officials tell me anything over $2 trillion, but he is pushing for more in the area of cuts that would equal $4 trillion over the next 10 to 12 years. now, this all comes against the backdrop of a report today in the "washington post" saying thatm president obama is putting social security on the table along with medicare and medicaid and when we asked the white house about this, they said, look, this is not news. the president has always supported the idea of small cuts in those entitlement programs to make them more effective as long as the cuts didn't impact beneficiaries and having said that some folks on the hill say there are some scenarios which would see a major overhaul of the entitlement programs, but the white house says they would not want to see anything to overhaul the main programs. but one of the sticking points here, thomas, is taxes. democrats want to see a rollback in tax credits for the wealthy americans and in big corporations, and the republicans have said no way, we don't support anything that looks like a tax in
, people of the big banks were summoned to the meeting at a federal reserve bank here in new york and cnbc's bertha coombs has details for us. >> investors who buy u.s. treasuries buy them through banks, and this morning the treasury asked those bankers and dealers who help to sell the treasuries to investors to come in and talk about the situation as the debt ceiling limit looms. it was a regularly scheduled meeting, because on wednesday is normally the day that the treasury would announce the next action of debt, but obviously, that comes after the deadline. from bankers we talked to and senior treasury officials, they didn't really outline any contingency plans about what would happen if the debt ceiling deadline is not extended. a number of bankers have told me they anticipate what would happen is that those debt auctions would likely be postponed. we saw it happen back in 1995 when the government was shutdown. it was postponed for several weeks in terms of the auction, because essentially, if the government doesn't have the authority to increase that, then the treasury can't issue mor
even though their plan is not as big as they wanted it to be, but a short time ago senate majority leader harry reid warned that the bill will be rejected in short order. >> as soon as the house completes the vote tonight or this afternoon, the senate will move to take up that message that they sent to us. it will be defeated. they know that. >> so, no word as of yet from the president today on the standoff. earlier today, press secretary jay carney said that any bill would have to absolutely extend the debt ceiling until 2013, and nbc's kristen welker joins me from the white house. also in the press briefing, jay carney said that the bill being worked on right now is d.o.a. when it reaches the senate. >> yes, that is right. hello, thomas. good afternoon to you. he said it is d.o.a. and 58 senators have said they will come out to vote against it and he reiterated the call that the white house is not going to get behind anything that is not a long-term increase of the debt ceiling. but you know, people have been pushing this on this saying that past presidents have increased the deb
will be raised by next week, but the big question that everybody is asking is how is this going to happen, because it seems that all sides are digging in the heels and the white house continuing to insist that the president would veto a short term plan which is that plan put forth by speaker boehner that is as kelly mentioned would increase the debt ceiling in increments for the first time for six months, and press secretary jay carney, again, today saying that the president would veto that if it made it to his desk, and carney saying that bill would doubtfully pass the senate, but the president said in the remarks last night he does support the plan put forth by reid which would of course, decrease the deficit by $2.7 trillion and raise the deficit through 2012, and here is what press secretary jay carney had to say about the reid plan earlier today. >> it is a legitimate compromise measure. we believe it could pass the senate and the house if folks gave it a fair shake, and we appreciate senator reid putting it forward. the fact that there remains confidence in the world that washington
. the president has made clear that he believes that this has been an opportunity to do something big and historic that requires political will by democrats and republicans, a willingness to take heat from your base as opposed to placate your base, but it requires a will on both sides, and with that i'll take your questions. mr. feller. >> thanks, jay. two questions. we're obviously 24 hours closer to potential calamity here. is the white house any closer itself to a strategy and what's the president doing to achieve it? >> as you know, congress needs to take action. we have been intensely engaged in negotiations, in conversations, in proposals and counterproposals with congress at a variety of different levels. the talks led by the vice president, the private conversations and negotiations that the president had with the speaker of the house. we have continuedรง even since e speaker of the house walked away from those -- from that potential compromise last friday, we've continued to have conversations with all levels, with democrats, republicans, principals and staffers in search of a solution t
Search Results 0 to 11 of about 12 (some duplicates have been removed)

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